We had a lot less income to work with in the month of March than in our typical months. Because of this, I had to get a bit creative. Some things (like some savings) were eliminated; other things (like debt payments) were reduced.
There’s always room for improvement and this month is no exception. But at the end of the month we had a balanced budget (meaning, we didn’t spend more than we made – using YNAB has really helped me in that regard), so I’ve got to be happy with the end result. April will have a bit more wiggle room, so I’m excited about the new month.
Here’s how March shaped up:
|Sprint (2 lines)||114|
|Rainy Day Savings||0|
Most of these items are in-line with expectations. But I do have a couple comments…
- Preschool ($1030 spent): This month was a normal charge, but I referred a friend to our preschool facility, so I’m excited that next month I should have a referral credit. I’m not sure how much of a discount I get, but any amount saved will be great!
- Gift Giving ($40 spent): This was a $20 gift for two separate people (both baby presents).
- Personal Maintenance ($62 spent): This was $35 for a hair cut and eyebrow wax, $12 for attending a yoga class, and $15 for new eye cream and face lotion (I got cheap grocery store stuff…not sure if more expensive stuff works better? I’d love to hear others’ opinions on quality versus budget eye cream and face lotion – that stuff is $$$!)
- Gasoline ($38 spent): Gas was so cheap this month because my husband ended up filling up the car for me while I was on my not-an-interview trip. I generally only have to fill up twice per month, but this month I only filled up once!
- Work Stuff ($62 spent): I made a new category called “work stuff” for expenses that are related to work and can be 100% tax deductible. This month these expenses stem from my not-an-interview trip, including food the night I got into town, gasoline in the rental car, and parking costs. I’ve saved all the receipts for everything, but having work expenses as their own category in my budget will make things easier for tracking and tax purposes, too.
- Rainy Day Savings ($0 spent): With the tighter month, I didn’t put any money aside for any of our rainy day funds (which include: 3-6 month expenses, car repairs, toddler birthday, travel/Christmas, dental/vision, annual expenses, and vet expenses). This is not ideal since many of these categories are non-negotiable anticipated expenses (like my annual expenses for car registration), but skipping one month won’t kill us either.
- Savings Goals ($300 spent): I put $100 toward my Roth IRA fund (and then I promptly withdrew all the money I’d saved to actually open a Roth), and $200 toward my Cruise 2016 fund.
- Debt Payments ($603 spent): Discussed more in my latest debt post. This figure represents $50 toward my car payment, $453 toward student loans, $75 toward license fees, and $25 toward medical debt. One side-note about medical debt (and the reason for the discrepancy between this figure and the one I reported in my debt update)…I was supposed to also have a $50 medical bill to pay, but I never received the bill this month. When I called the office to inquire about it, it turns out they’d processed my last payment late, so it looked like I’d skipped a February payment and already paid the March payment. It was a clerical error on their end so nothing negative was reported to my credit and no late fines or fees were assessed, but it means that my next bill is not due until April (also…my April bill will be my LAST bill for the $50/month payment! Eeeeek!!!!)
Overall thoughts on March budget
Honestly, March was tough on me psychologically. I feel like I’ve just been making tiny little baby steps lately, where I’m used to the “rush’ that I felt when I first started the debt repayment process and was making huge strides monthly. I still stand by my previous statements that I think having a lean month from time-to-time can be good for us, force us to examine how every single penny is being spent and use the opportunity to try to reflect on true necessities versus extras.
That being said….I’m ready to have some more income to toss at debt. I’m not going to lie. It hurt to only put $603 toward debt when I’m used to paying between $1500-$2500/month!! Six hundred dollars doesn’t even move the needle of what I owe – its like just treading water because it only covers interest without any extra! It made the month feel long as it draaaaagged on with its relentless 31 days (and coming on the heels of a 28-day month!)
And I wish I could say that April was going to be an awesome month, but it won’t be (we live on last month’s income, so the money we have to spend in April is from income earned in March). It will be better than last month, as we have almost an extra $1500 in the budget, but it’s not as high as I’d like (for comparison’s sake, our income this March is down nearly $2,500 compared to March of last year). Oh the joys of small business ownership. The good news is that the business has, overall, been flourishing and even when there are leaner months, we can be sure that fatter months are ahead. (Fingers crossed!)
How did you do with your budget last month? Do you have any areas you’re working on improving?